Central Meat (Smithfield) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01547227 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

CENTRAL MEAT (SMITHFIELD) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P Stratis

SECRETARY:

Mrs A Pishiri

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

01547227 (England and Wales)

ACCOUNTANTS:

Pittalis Gilchrist LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

SOLICITORS:

Pittalis & Co Solicitors

Ground Floor

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Intangible assets

4

23,794

27,760

Tangible assets

5

721,511

735,133

745,305

762,893

CURRENT ASSETS

Stocks

71,012

55,875

Debtors

6

623,937

694,048

Cash at bank and in hand

70,196

212,855

765,145

962,778

CREDITORS

Amounts falling due within one year

7

580,055

792,098

NET CURRENT ASSETS

185,090

170,680

TOTAL ASSETS LESS CURRENT LIABILITIES

930,395

933,573

PROVISIONS FOR LIABILITIES

8

5,716

7,498

NET ASSETS

924,679

926,075

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Revaluation reserve

655,000

655,000

Retained earnings

264,679

266,075

SHAREHOLDERS' FUNDS

924,679

926,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 1 November 2019 and were signed by:

Mr P Stratis - Director

1.	STATUTORY INFORMATION

Central Meat (Smithfield) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services

rendered, net of discounts and Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for

administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations

are carried out regularly so that the carrying amounts do not materially differ form using the fair value at the date of

the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation

reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings

unless an asset is derecognised.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price

less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net

realisable value is less than cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 30 June 2019

99,148

AMORTISATION

At 1 July 2018

71,388

Charge for year

3,966

At 30 June 2019

75,354

NET BOOK VALUE

At 30 June 2019

23,794

At 30 June 2018

27,760

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 July 2018

and 30 June 2019

655,000

399,664

156,655

10,702

1,222,021

DEPRECIATION

At 1 July 2018

-

348,898

129,961

8,029

486,888

Charge for year

-

7,615

5,339

668

13,622

At 30 June 2019

-

356,513

135,300

8,697

500,510

NET BOOK VALUE

At 30 June 2019

655,000

43,151

21,355

2,005

721,511

At 30 June 2018

655,000

50,766

26,694

2,673

735,133

The freehold and leasehold land and buildings were valued on an open market basis in 2017 by Jon Christopher a

firm of independent Chartered Surveyors.The director consider this valuation to be a fair reflection of the current

market value as stated in the accounts.

The leasehold properties are listed buildings. Renewal of these leases is mandatory and set in statute.

If these properties were sold for their revalued amounts it would be necessary to replace them with similar property

and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no

provision has been made for deferred tax in respect to the revaluation.

Cost or valuation at 30 June 2019 is represented by:

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2015

580,000

-

-

-

580,000

Valuation in 2017

75,000

-

-

-

75,000

Cost

-

399,664

156,655

10,702

567,021

655,000

399,664

156,655

10,702

1,222,021

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

481,372

459,424

Amounts owed by participating interests

111,358

189,733

Other debtors

31,207

44,891

623,937

694,048

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

530,920

752,107

Taxation and social security

23,736

23,113

Other creditors

25,399

16,878

580,055

792,098

The bank overdraft facility is secured by a fixed and floating charge over the company's assets.

8.	PROVISIONS FOR LIABILITIES

30.6.19

30.6.18

£

£

Deferred tax

Accelerated capital allowances

5,716

7,498

Deferred

tax

£

Balance at 1 July 2018

7,498

Provided during year

(1,782

)

Balance at 30 June 2019

5,716

9.	RELATED PARTY DISCLOSURES

As at 30 June 2019, the company was owed £9,932 (2018 - £9,932) from Stratis Investments Ltd, £20,654 (2018 -

£64,819) by G & E Meats Ltd, £29,574 (2018 - £63,130) by PW & JW Killby Limited and £51,198 (2018 - £51,852)

from Stratis Meats Ltd, the parent company.

All four companies are under the common control of the directors who are also the major shareholders.